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. for sarching the auto industry of the the economy is doing well despite the best efforts of republican obstructionists who worked hard to shut down the government, folks with the national deficit dropping at its fastest rate in 60 years? it is time to stop the obsession with deficits and start an obsession about middle-class job creation. >> well, governor granholm, i'm going to give the president credit for these numbers -- >> stop the presses -- >> but this nation is still woefully unemployed. he has to take credit for that, too. i know his numbers could not have come at a better time for an administration that's had a rough couple months. in the crossfire tonight, a pair of economic experts, david madlin director of the american worker project for the center of political progress. >> and david, let me start with you. even though this morning's jobs numbers sound really good. a lot of people are just giving up and stopping looking for jobs. they're going on disability. the dependency on government has absolutely ballooned until this quote/unquote recovery. i think folks
objection, the subcommittee is adjourned. president obama on jobs and the economy and income inequality. in less than hour, the head of of mayor confederation teachers speaks with reporters at the christian science monitor. walden,esentative greg on to make haitians and technology. communications and technology. >> a several live events to tell you about tomorrow morning. treasury secretary jack lew will be at the future will trust to discuss the state of financial reform. also on c-span2, members of the house and energy commerce subcommittee on energy and power will hear from energy regulatory commissioners. span330 eastern a.m. on c- we cover a hearing on unemployment benefits that are set to expire at the end of the month. >> from age eight, betty ford, then betty [inaudible] put on skits and plays and that led to eddington, vermont where she studied at the school of dance. these are some of her notecards. no bookstworks -- where she kept cards. she carried this with her to vermont, back to grand rapids, off to new york where she studied with martha graham and work with the powers m
. more than anything else, they want a job. but finding work remains very difficult in an economy that still has one point 5 million fewer jobs than before the recession started six years ago. we have never had anything close to such a sustained job deficit after any recent downturn. it has been said in opposition to an extension that the federal emergency unemployment compensation program was adopted for extraordinary circumstances that are disappearing. no. no. these extraordinary circumstances continue, as indicated in the report issued just this morning by president obama's council of economic advisers. it highlights that the current long-term unemployment rate is at least twice as high as it was at the expiration of every previous extended ui benefit program. the extraordinary circumstances continue. the report also sets out the economic impact of a failure to act. it agrees with cbo and other economists. allowing the federal ui program to expire will cost our economy at least 200,000 jobs next year because of reduced consumer demand. for this congress to ignore the national
anything else, they want a job. but finding work remains very difficult in an economy that still has 1.5 million fewer jobs than before the recession started six years ago. still ha million fewer jobs than before the recession started six years ago. we have never had anything close to such a sustained job deficit after any recent downturn. it has been said in opposition to an extension that the federal emergency unemployment compensation program was adopted, and i quote, for extraordinary circumstances that are disappearing. no, no. these extraordinary circumstances continue adds indicated in the report issued just this morning by president obama's council of economic advisors, that highlights that the current long-term unemployment rate is at least twice as high as it was at the expiration of every previous extended ui benefit program. the extraordinary circumstances in a few words continue. the report also sets out the economic impact of a failure to act. it occurs with cbo, wall street analysts and other economists, that allowing the federal ui program to expire who cost our economy
to the new economy, even in a period of economic growth, has not delivered the kind of employment that's necessary to sustain the economy. so i ask if any of you might comment on how the loss of direct support for 1.3 million americans in the wealthiest country ever imagined on the planet at a time of record profits by corporations can somehow be acceptable when you have cities like flint, michigan, or saginaw, michigan, that continue to struggle to try to connect their work force with the next economy. to me, this just seems like an affront to all that is good and right, and it's not something we ought to stand for. finally, i just want to say thank you for helping members of congress who ought to understand that this is just not economic data that we're looking at, but this is a decision that'll literally affect the lives, health, and well being of millions of americans and the fact you're willing to come help make that case is something we're grateful for. thank you. >> thank you, chris. why don't you begin and we'll get to the other direct questions. >> thank you so very quickly, c
, subsequent roads, transit and water investments helped fuel our economy and tie the nation together. more recently, the failure to address long-term funding has also been bipartisan. the bush administration ignored strong recommendations from their own private sector experts that they impaneled to give advice. although the obama administration did request and employ some modest funding in the recovery act and has proposed an infrastructure bank and talked extensively and i think sincerely about the need for investment, what has been lacking has been a specific concrete proposal from either party to address infrastructure financing in america. while the political maneuvering has secured here in washington, the gap in the highway trust fund has been growing and conditions of our roads, bridges and transit systems have been deteriorating. this puts america at a competitive disadvantage, complicates the movement of goods and people and contributes to congestion and pollution. at the same time, the needs grow, the resources are in significant decline. the gas tax has not been increased since t
in the economy of private sector job growth after plunges of the economy, after bear stearns went down and then lehman brothers went down, and of course we were in a financial death spiral. and little by little, we are coming out of it, and of course the news just announced last friday on the jobs report gives us another indication that the economy is really beginning to take hold. and we see that in the confidence that's being expressed. we see that in the real estate market. we certainly see that in the financial markets in new york. but let me give you another piece of good news that most people would not really think about. there has been a discovery of a former martian lake that as we reach out into the cosmos trying to find any indications of life, scientists are now thinking that this martian lake might have harbored life billions of years ago, about the time that some of the scientists suggest that small particles of life might have started on this planet. and if this proves out and we're going to mars, not just with robots, eventually in the 2030's, we'll go with humans, and w
remember this is an asymmetric economy and we have keep our eyes on the bottom half. >> it suggests the economy is doing better, even in the face of headwinds and moves us closer to the fed's threshold number. we may get there quicker than we expect. >> thank you for joining us. it's time for "squawk on the street." >> 203,000 jobs added in november. a jobs report headed in the right direction. i'm carl quintanilla with jim cramer. david faber is off. the 10-year yield within about 10 basis points or so of that 3% at least earlier this morning and europe is worth watching as well. looking at the jobs number, as we said, 203,000 non-farm jobs added last month, forecasts calling for about a gain of 180,000. the unemployment rate down 0.3% to 7%, the lowest level in exactly five years. the question is whether or not the fed will scale back its bond purchasing program when the central bank meets later this month. jim, whether it was u-6, the workers, the wages, there's not a lot to quibble with in this one. >> i was most concerned about an even bigger number. this is kind of good. it wa
and keep him in peace. >> the labor department released the november jobs numbers showing the economy added 200- 3000 jobs last month and dropping the unemployment rate year 7.3% to 70%, a five- low. the economy has generated just over 200,000 jobs from august to november, up from 159,000 per month between april and electorate -- and electorate reaction coming from capitol hill. house speaker john beat -- house speaker john boehner release a statement -- today's report includes positive sign that mored discourage calls for emergency government stimulus third and said, what our economy needs is more progrowth solutions that get government out of the way. we will bring you live remarks from kentucky senator rand paul speaking at the detroit economic club at 12:35 eastern right here on c-span feared also life during the 12:00 our on c-span2, discussion on hospital admission policies for medicare patients and how that impacts out-of- pocket expenses at 12:15 eastern. also at 12:15 on c-span3, for presidentialan candidate john huntsman and evan bayh will speak about politics. they are cochairs o
of democracy and a propeller of our economy. most importantly, we must really make sure that we figure out how to enable all kids to have the opportunity to not only dream big, but achieve them. >> thank you. let me ask you one or two and then we will go to kimberly to start. let me ask you about the common core standards. you said, you think that obamacare is bad and the implementation of the common core is far worse. who is to blame and anyone stepping up to fix this? >> i am not a big believer in this. i am a union leader and i could easily say, this one, this one, this one. if we are not rolling up our sleeves and actually engaging, then we are in the same debate over who cares about kids. i care about kids, no, i care about kids. that is a debate we are having. let me just say, this is what i think is happened. we do education policy by precedent. i think the governor and the state she's right about saying, let's figure out a set of standards that are aligned to what kids need to know about the global economy. they move pretty fast about it. we were engaged with them and brought a lot of
:00 p.m.'s economy slowed more than estimated last quarter. gdp was 1.1%. that was revised down from the first estimate. business spending was weaker than initially thought as companies are cautious on their economy. protesters poured into the streets of kiev. they fear that the president is going to bring the country into an economic bloc led by russia. this followed a rally where they tore down a statue of vladimir lenin. and a chance to own a piece of the sydney opera house. you can own a tile for as little as $90. you do not own it physically, but you can personalize it online, giving you virtual ownership. fundraiserart of a to pay for the renovations. >> i would do that. people buy stars for each other, why not buy a piece of the opera house. >> there is a birthday gift for tom. >> time for single this chart. what do you have? >> he is going to become the ceo of time warner cable. there is work that the company will be acquired soon. rob marcus has a big payday coming. he could go out the door with a golden goodbye. we wanted to take a look at what other recent severance packag
. they are expected to rise slightly to 318,000. in the meantime, a revision to gdp is seen showing the economy grew if a pate of 3.2%. both of those reports will be out at 8:30 eastern time. at 10:00, look for october factory orders. in europe we'll get an interest rate decision from the bank of england at about 7:00 eastern time and one from the ecb at about 7:45. the european central bank is widely expected to leave interest rates unchanged at its final policy meeting of the year. last month, though, policymakers surprised the markets with a cut in the interest rate to a record low of 0.25%. we'll check in with ross westgate in just a few minutes. >>> the dow and the s&p are now on a four-day losing streak. this morning, futures are around the flat line. down by about 2.5 points for the dow, down by 0.5 for the s&p and the nasdaq is up by 4 points. november same-store sales will be coming in throughout the morning. cosco's comps rose by 2% during the month. that was short of what the street had been expecting. you had lower gasoline prices and weak foreign currencies. both of those ended up hurti
given potential. it is because we know that when women and girl participate in economies, economic growth is greater than would be without them. where women and girls are given the chance to be educated and to get the healthcare they deserve to have, we know that societies benefit. where women and girls can participate in peace making and peace building as full members of society trying to resolve conflicts, we know that resolution is more likely to be sustained. it's a great honor for me to have this award. but it is a reminder of how much more we have yet ahead of us to accomplish. to make sure that tom's dream, tom's life, the examples of the award recipients with us and those unable to come, bring out in each of us our own commitments to what we will do to further the cause of human rights, universal human rights for every man, woman, boy and girl in the world. it is certainly what tom would expect us to do to hold high his ideals and by accepting this award and knowing that tom would not let me off the hook, otherwise, it is something that i will continue to be committed to i
at building a strong and growing economy which will benefit all our people. i would like to deal with a few matters in this regard. in support of sustainable economic growth and the macro- economic objectives of government, it will remain the primary objective of monetary policy to promote and maintain overall financial stability. the reserve bank has the important function of protecting the value of our currency and striving for relative price stability at all times. we are pleased that dr chris stals will continue to serve as governor of the reserve bank. [applause] the battle to reduce the rate of inflation will continue. the realisation of many of our objectives for a fair and equal treatment of all our people will not be possible unless we succeed in avoiding high inflation in the economy. we also face a major challenge in re-entering the global economy, while stable prices are vital to the restructuring of our industries and dealing with the critical issue of job- creation. we are blessed with a heritage of a sophisticated financial sector. our financial markets are well- placed to pl
able to improve reforms. instruments tous have a very strong economy and especially, very good social results. the facts are there. the economy is growing almost at an average of 5.0%. we have been creating jobs for 14 months in a row. we had a performance of 40 months, month after month, the unemployment rate was going down. we can say that very proudly colombia has created more jobs than any other country in latin america, including brazil. this is something which i think is very important. the jobs that we have been creating for the first time our formal jobs instead of informal jobs. we have put in place specific and focused public policies and ,aken action to fight poverty extreme poverty. peru,sides through -- which has been the country that has performed better in this are theafter peru we best performer in the whole region in terms of decreasing poverty. and also against extreme poverty we have put in place specific actions and we have been able to take on extreme poverty more than one million -- for more than one million colombians. one of the big problems that we bottlenecks
a floundering economy. there is one area that can help break the logjam, not solve all our problems, certainly, but help us significantly along the way. congress should address the critical needs of our nation's infrastructure deficit. roads, bridges, transit systems are all increasingly at risk. we are facing an inadequate state of repair, construction of new facilities are on hold and we are losing ground in meeting our own needs, let alone the challenges of global competition. yet, this challenge is an opportunity for some potential progress. we know what to do to meet this challenge. we can write a new transportation bill that will meet today's needs. it just needs more money. there is a vast coalition that supports additional resources for infrastructure. the so-called special interests that are so often at odds are remarkably aligned when it comes time to recognize and fix this problem. business, labor, professional groups, local government, environmentalists, truckers, bicyclists all agree. the paralysis that surrounds questions of raising taxes does not necessarily need to apply in thi
is a record for this country. >> the president cites staps showing the economy's income gap is getting wider. >>> recordings from the 911 sandy hook elementary school were released. dispatchers urged callers to take cover as gunshots could be heard. al jazeera america will not play the audio of the 911 calls. >> police in mexico recovered a dangerous truck carrying radio active material. in the back a compound, cobalt-60. no arrests have been made, but anyone who touched it could die. >> four students at the university of the california, santa barbara recovered. many are worried about the outbreak and whether it will spread. it is allowing people to use a vaccine not approved in the united states. those are the headlines. "america tonight" is next. get the latest online at aljazeera.com. i'll see you back here tomorrow night. wells trapped this >> on "america tonight," in the world's richest nation, why is it so hard for so many to make a decent living? we will look at wealth, poverty and why a minimum wage just isn't enough. >> gas is up. hiring is up but our wages aren't up. >> south of th
that in this speech on the economy earlier. but this is a different strategy we're looking at here with these young people. >> earlier speaking before the group center for american progress and key allies of this president this afternoon, a short time from now, the focus will be on the young individuals and comes with a back drop of numbers that are concerning to members of the administration. a harvard kennedy school of government said a majority of these young mill lennials are afraid the affordable care act will cost them more but help them less. the care won't be as good. that's an issue they are trying to turn around and turn into their favor as the president prepares to speak at this youth summit. they will focus on today the issue that people under the age of 26 get to keep their parent's coverage, get to be covered by their parents with preexisting conditions will be covered as well. these are issues that young people will relate to. on top of that was a statistic the white house aides are often note us about, the fact six in ten americans in their health care will pay less than they do a m
't create a pro-growth, pro-middle-class economy. and no less than the new pope has now started speaking out about this. when our country had a burgeoning middle class, it's because we had a shared prosperity. now what we're seeing is the opposite. >> can you tell us roughly how many members you have in detroit and how many have been illinois? >> i could if i -- i'm going to give you a paris-roubaix just. in detroit, we have come in detroit itself we have about three, 4000 members. in michigan we have about 15,000 -- i think about 15,000 members. and in illinois we have said probably somewhere around 40,000 members, maybe 50,000 members. [inaudible] >> 19,000 is the average retirement that somebody gets. and in wisconsin, the average retirement that a public employee gets around the country is about 24, $26,000 to the other thing, think about it, every time a retiree, every time someone spends a dollar of the pension, it creates about $2 change, i think $2.37 in economic output in making the. are we going have a pro-growth, pro-investment, pro-middle-class economy? are we going to keep havin
on the website, go to c-span.org. the u.s. economy added 203,000 jobs last month in the unemployment rate fell to seventh that is the lowest since november of 2008 and exceeds analysts predictions. the department releasing figures earlier today. house speaker john boehner released a number on the jobless number and said in part the report includes positive signs that should discourage the calls for more emergency government stimulus and instead with the economy needs is more progrowth solutions to get the government out of the way. begins when out at the end of the year unless congress oks the extension. yesterday the democratic steering committee held a hearing about the issue and heard from several people who face the loss of unemployment checks. here is a part of that meeting. >> i have worked my entire adult life having had three jobs i whole career. and i've never been on employed until now. as soon as i lost my job, i immediately began my furious search for employment and began navigating the world of online board, job boards and diligently networking. my goal was to place my resume in t
on one sixth of our economy, whatever comes up we're just going fix it. >> reporter: meanwhile on capitol hill republicans kept pound being away with their criticism saying that obama care ultimately is more than just this website. >> the president's health care law continues to wreak havoc on american families, small businesses and our economy. it's not just broken website. this bill is fundamentally flawed. causing people to lose the doctor of their choice, causing them to lose their health plan and if that want isn't enough having to pay much higher prices at the same time. >> reporter: also today, larry, inspector general that oversees the irs says the irs may have some proble some problems implementing the health care in refunds. the treasury said they are aware of the problems and been on top of them. they say they will have it under control and be able to prevent massive fraud inside the irs piece of the affordable care act roll out, larry. >> what's going to happen with this back end business called, what is it 836 i think it's called, section 836. 834. it connects the websites to
from an economy adding jobs. it's at a five-year low of 7%. 203,000 jobs were created in november. and more of them are in higher-paying sectors. >> we saw, you know, the predictable retail jobs and leisure and hospitality, bars and restaurants, because of the holidays, but we saw things like manufacturing, saw things like business, professional services, again tend to pay a little bit more money. so these were broadbased job gains. >> reporter: the november jobs report was better than expected. for a third year in a row, more than 2 million jobs have been created. still, that's not enough to make up for the 9 million jobs lost between 2008 and 2009. >> did you think it would be difficult to find a job? >> to be honest, no. i thought i would be handed a job. i thought people would be asking me to have a job. >> reporter: in the last year, the unemployment dropped a full percentage point, but 11 million people are searching for jobs and the long-term unemployed are struggling the most. in some places, some people are fighting for jobs. walmart in district of columbia. 600 job openi
a playing field helps us you be able to buy more, helps the economy. >> she was part of 100 people who rallied outside of the washington, d.c. chamber council for a minimum wage. >> congress's failure to act and congress's failure to take care of those who have been left behind, not just from the recession but the people who want things to become better and better. we are becoming a hunt tree of haves and have nots. we need to be sure we have a living wage. >>> members of the council have one more round of voting before it goes through. president of the dc chamber of commerce insists the bill will hurt the local jobs market. >> for every 10% increase in the minimum wage, employment decreases by 1 to 3%. sot a small business person, that becomes a big deal. and it may be laying off a person to be able to afford to pay that. and that's not what you want people to do. >> this isn't the first time the nation's capitol has introduced living wage legislation. the controversial wal-mart bill proposed this summer would have required the super store and other large retailers to pay a wage of at
with stakeholders from all areas of our economy and with the administration and the courts to ensure an open, deliberative thoughtful process, we held several hearings and issued two public discussion drafts in may and september of this year which led to the formal introduction of the innovation act in october. i believe that it takes the necessary steps to address abusive patent litigation. abusive patent litigation is a drag on our economy. everyone from independent inventors to startups to mid and large-sized businesses face this constant threat. the tens of billions of dollars spent on settlements and litigation expenses associated with abusive patent suits represent truly wasted capital. wasted capital that could have been used to create new jobs, fund r&d and create new innovations and technologies that promote the progress of science and useful arts. and that's what innovation is really about, isn't it? if you're able to create something, invent something new and unique, then you should be allowed to sell your product, grow your business, hire more workers and live the american dream.
'll be right back. as your life changes, fidelity is there for your personal economy, helping you readjust along the way, refocus as careers change and kids head off to college, and revisit your investments as retirement gets closer. wherever you are today, fidelity's guidance can help you fine-tune your personal economy. start today with a free one-on-one review of your retirement plan. where their electricity comes from. they flip the switch-- and the light comes on. it's our job to make sure that it does. using natural gas this power plant can produce enough energy for about 600,000 homes. generating electricity that's cleaner and reliable, with fewer emissions-- it matters. ♪ >>> okay. live look at capitol hill as the sun has yet to come up. here with us director of the earth institute, economist jeffrey sachs. we have sacks and rattner. >> heck of a "new york times" article, obviously the sort of things you've been talking about for so long. >> everyone is talking about them now. you know, we went for so long without discussing these realities now. everyone is opening their eyes. an
in one of the southeast asia's largest economies. demonstrators are looking to topple the government and the current prime minister after accusations of corruption and abuse of power. the u.n. has closed its offices in bangkok warning foreign travellers to stay out of the streets. >> afghanistan president karzai is accusing the u.s. of holding back fuel and other supplies. he said they are holding back supplies in an attempt to pressure for him to sign the agreement. >> from the "los angeles times" officials say speed may have been a factor in the crash that killed actor paul walker and his friend over the weekend. according to police the "fast and furious" star left a charity event. witnesses at the event said they heard a loud boom and saw smoke. walker was in the middle of gaming "fast and furious 7." walker leaves behind a 15-year-old daughter. he was 40 years old. >> really. isn't that bizarre? came from a charity event and he gets in one of the cars and the guy drives off with him -- >> he was the passenger in the car. >> passenger in the car and runs into a pole and blows up.
? >> it may be overdone. the fundamentals in the economy justify the equity and well. it is hard to correlate with the sluggish growth we continue to see. outside of that the asset purchases by the fed and aggressive monetary policy we have seen serves the purpose of inflating risk premiums and essentially causing them to tighten places they wouldn't otherwise be. i don't think that is just an equity or fixed income issue. all sectors will be affected if that begins to unwind. connell: one of the big stories no doubt it's going to be one type of federal reserve will generate yellen oversee and willie federal reserve as to this risk or take away from it. what is your view? >> from a market perspective it is all about expectations, and the expectations are already in the price of fed is going to taper. we think the fed essentially already tapered this summer, so if you look back to announcements when the fed announced aggressive asset purchases, interest rates began to rise after that announcement. we would not be surprised to see riverreverse happen as the fed announces tapering of quantitativ
if good news about the economy is bad news for stocks or is the opposite the case, as the economy improves should we like stocks more? it's a first-class quandary that we have to dive into headlong on "mad money" if we're going to figure out the market's move. it's distracted and a parlor game and we find you the best stocks and the best opportunities. the only focus on the fed's next move the last three years, you missed some of the single best moments to invest in our lifetimes. i regard that as terrible. i regard it as shameful because this fed-centric world presumes that the market is one big stock that is sent higher or lower by ben bernanke and janet yellin and it's the market as a marionette. my favorite credo is the opposite. the stocks represent companies and the companies march to many different drum e not just the fed drummer. some companies do better than higher interest rates and like the minerals and oils and most important, many companies do better because their managements are smart or incentive to create value. if you spend all of your time waiting for the fed to tell you
myself with what john had to say. in this day and age we face a number of crises. i think the economy is not performing the way we would like. real wages have been stagnant in our country for more than a decade. think about that. at the time when the cost of college and a whole host of other things, health care has going up, real wages have been frozen. you're familiar with the budget problem that we face. there is a growing disparity between the haves and have nots in our society and that should concern all of us over time. and all these things are in some ways int related. so if i would pick one thing i would agree with what john had to say. what is our comparative advantage? how do we grow this economy in a very competitive world and in particular how do we empower, not just give but empower our citizens through hard work and thrift and all those sorts of things to enjoy some of the fruits of that growth particularly the third that aren't getting the education, the kids that aren't getting the quality of education that they need to be economically relevant in a competitive global e
understand the connections of a complex, global economy. it's just one reason over 70% of our mutuafunds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. adam: yes, another icon of magazines has gotten back just as vennable name you thought had died is mounting a comeback in print. like horse buggies. horse whips. dennis kneale with all the news fit to print. dennis? >> "newsweek" back from the dead. venerable "newsweek" went out of print late last year. clinging to the online existence in the belly of "the daily beast". the beast is knew a small buyer. "newsweek" says run the presses it will be a print version next year, a shadow of a it former self, 64 pages. gets more money from subscribers than advertisers. with startling circulation of only 100,000. that is basically a small local newspaper for once venerated national magazine that peeked at 3 in.3 million subs in 1991. -- 3.3 million subs. iconic "new york" magazine, i
. the market believes that the economy is ready to take over for them. instead of propping up earnings with the stimulus, you get more people spending more money. it is a smooth handoff. that may to say, but be what is behind the thinking today. it is hard to tell what is going on in the bond market. maybe some shortselling. you are not seeing a big pop in interest rates. you may see it the same way that your pricing the economy. >> does it surprise you that volumes are low? usually we see a big push. could it be that it is december and people are wrapped up for the year? >> that is certainly possible. you do not want to take a chance. we are up for the year. nothing has been more volatile than the unemployment report. maybe people did not make huge bets this time. they are all looking to get out of town on friday. >> i am not looking to get out of town. we have two hours of great tv to do. michael mckee, hank you for joining us. we want to turn our attention to the labor department. they say 3.6 million workers were paid at or below the minimum wage of seven dollars -- $7.25 last year
. try campbell's homestyle soup. >>> the latest jobs report shows good signs for the economy. the unemployment rate dropped to 7% in november while 203,000 jobs were created. down from october's unemployment rate of 7.3%. these numbers come as many job seekers are preparing to take the traditional pause in their hubt for work in time for the holidays. but that may be a bad idea. john challenger is the ceo of challenger, gray and christmas. zachary karabell is a cnbc contributor. he's a writer as well. he's written a book as well. john, let me start with you. many folks put off their job search during the holidays thinking that companies don't hire during this time period. why is that not the right thing to do? >> first of all, the data doesn't support it. last november, over 4.66 million people found jobs in november, just slightly down in december. so it is a time when employers especially in this kind of 24/7/365 business environment we're in, they're always hiring. they always have issues. so the last thing you want to do is put your search on hold. the very fact that a lo
what does that say about our economy? >> well, first of all, the data we get on -- from the retailers at this time of year is almost always contradictory and confusing. they are not always completely forthcoming because they don't want to discourage people from shopping. i think the most interesting thing we saw over the weekend, besides the fact that a number of retailers decided to be open on thanksgiving day, was that 40% of the sales were on-line. in a sense, cyber monday is an accra nism. cyber monday dates from the day when people had slow internet at home and came to work on monday after thanksgiving and ordered. now so many have broadband people are shopping on-line all the time and the retailers are scrambling to catch up with consumers. >> i shop on-line too in light of the incidents you see every black friday, always seems to be a fight somewhere and that can't help retailers, right? >> right. well, of course not. but i think people like going to the stores. we at the "wall street journal" and others did stories following teenagers around the mall and that's social. you can
to face but on the other hand san jose is a major city with a diverse economy and a lot of resources to face the challenge with. adam: thank you very much. a reference on that is the morningstar report. that looked at municipal debt of cities throughout the country. thank you for coming to talk about this. won't end anytime soon. lori: detroit not alone working out the debt problems. lawmakers in illinois gearing up for a vote to close the state's $100 billion pension shortfall. the proposed plan includes raising the retirement age for workers younger than 45 and cutting retirement benefits. the plan is supportive of governor pat quinn and unions say they will sue if the legislation is passed. automakers were thankful for thanksgiving weekend, the big three posting monthly gains in november compared to this time last year. ford's november sales jumped 7%. gm notched 14% gain and big winner chrysler coming with a 16% sales increase. a slow month for auto sales manufacturers offer deals to capitalize on the holiday shopping season. adam: is now the time to get bullish? the biggest bear
coming over here and competing in the gobble economy. education is at the core of this and goes to connecting that bond that has been broken. >> you have all this evidence that's truly offensive. take the detroit pension ruling. so we know what the ruling was and we know what the effect may be on people's pensions. they will be cut. city employees, firefighters, no matter how the pension deal was cut years ago the pensions will be cut. but before the pensioners receive their pension who gets paid first? the bond holders, the banks, the big boys and then, then the pensioners will get paid. there's something just deeply flawed with what's been going on in this country and it's not one party or the other, it's the whole system and it's a couple of decades that it's been going on. >> there's a suspicion the people who have been having these massive hikes in their compensation packages are not reinvesting necessarily in job growth and productivity. they are actually -- it feels to a lot of americans on main street like funny money, it's getting recycled, reput into investment funds t
themselves, graduate from school to move on to another job. vibrant economy such as ours needs these kinds of jobs. melissa: right. >> labor unions know this. they know what kind of jobs these are. they also know that the franchisees, simply can't afford to pay $15. it will result in decreased employment and higher prices. you know i -- i'm sorry. melissa: i don't know why he would expect to support a family of six people on his first or second minimum wage job while he is a full-time student. that's not what those jobs are for. you don't expect those people to be trying to support a family. you expect them to be students who are learning a skill, also earning money at same time to be in school, so then they can have a family and be able to support those folks. i don't think the problem is the amount of money that being paid at mcdonald's. think there are other problems in that situation. >> absolutely. and, again, you know, this, emphasizes the fact of what kind of jobs these are. but, melissa, i was going to say, you know the fast-food franchise owners sympathy can't afford to pay $15. t
for the economy and washington in general. take a listen to what two lawmakers had to say earlier today. >> keep the budget caps in place, not raise taxes, which is important during this weak economy, and actually avoid a government shutdown. so i'm hopeful that even by the end of this week we'll be able to come together and achieve that. >> i certainly hope as part of it that the negotiators will take to heart what the president had to say. there are working families across america that are struggling. there are unemployed families who need a helping hand. we've got to protect and preserve the safety net in america and give these working families a fighting chance. >> so alex, of course there you have republican rob portman, democrat dick durbin. and you heard senator durbin talking about unemployment insurance. that is still the main sticking point. democrats, the president want unemployment insurance extended for 1.3 million americans. that's expected to expire at the end of the year. they say if that's not continued, it would be bad for those workers and also bad for the economy. republicans
at all. >> the biggest issue that i see out in the horizon is how do we make sure an economy works for everybody? >> the greatest single challenge facing our globalized world is to combat the eradicate its disparities. >> how do we do those things that e deuce the equality in our society and broaden equality? >> he was a communist, this man. he was a communist. >> i would make the argument that we have a great injustice right now in the country with an ever-increasing size of government that's taking over and controlling people's lives and obama care is front and center of that. >> yes! he just compared fighting the health care law to fighting aparthe apartheid. >>> a freedom fighter, a radical, a disrupter of the highest order. his birth name means pulling branches of a tree and pull he did. president mandela not only freed a nation, he reminded the world of our common humanity. he put the good of the south african people, all south africans, above all else. over the course of his 27 years in prison, mandela wisely used his time to prepare, to plan and to embrace both forgiveness
on their business. in our challenging economy, many small business owners are simply not hiring or are reducing worker hours to avoid the employer mandate. thank you to this outstanding panel of witnesses who have taken time from their busy schedules to be here today. we do look forward to your full-time. i now yield to ranking member for her opening statement. thank you, mr. chairman. small businesses are the backbone of our economy. but in the past, health care costs and declining coverage have hinders small business owners. the factors have -- our nation's entrepreneurial problems and help out small businesses. in fact the chairman mentioned nfib, the u.s. chamber of commerce, they have conducted a survey about small businesses asking them why is this the main issue they are concerned about? they talk about the cost of health insurance to be able to provide. in fact, 62 percent of small businesses in this country provide no health insurance to their employees, their family, or themselves. if anything, this law will enable small businesses to participate in the changes. so we have the larges
republicans out to be very bad for the economy. > the jobs number today, the president said a couple of days ago at the economic speech in seeing new 're not policy initiatives by the white house. everyone comfortable with the ecrease in unemployment as it has been or holding it down sooner or faster or a greater pace. what are they doing to achieve that? >> i appreciate the question. like what the president said the other day, we need to invest in the infrastructure. the republicans used to support that with democrats. we needed to get that done. we need to when the president put forward an idea, you know, is also that and lowering the corporate tax rate loopholes in a way that would be a better bargain for jobs in this country. to invest in universal prek. e need to continue to do the things that the president has jobs to rd to attract america from overseas and to n ing home jobs from america companies that are located overseas, bring them home to build on those trends. we need to continue to build on the trends, the positive trends we've seen in the manufacturing sector in this country. e
government shutdown and do keep the spending caps in place and don't raise taxes at a time when the economy is still weak and i think we can accomplish that over the next couple days. >> one issue still being debated extending long-term unemployment benefits. last week house mortgage leader nancy pelosi said any deal must include an extension but dick durbin said that is not the case. >> i don't think we've reached that point where we said this is it take it or leave it. what i hear from patty murray, i spoke to her the other night negotiations are making progress, moving in the right direction. >> congress has scheduled to begin its break this friday and not return until january the 7th. >>> well, a week after that deadly commuter train wreck in new york officials are upgrading signals. the new signals are expected to be up and running this morning. of course, four people were killed last sunday when a metro north train hit a stretch of track at nearly three times the speed limit. metro north now reducing the maximum speeds at 26 locations across the system. an attorney for the engineer op
workers, good for economy and part of the american dream. i really don't think government should have to set a minimum wage. i would like to believe employers would want to pay a fair wage and one that doesn't have to be supplemented with welfare food stamps and health care. it is a good feeling when you pay your employees a wage where they can buy and afford to purchase goods and wares being sold. it is embarrassing for people who work in retail stores where profits are soaring and employees are making -- employers are making large income but the staff cannot afford to buy the goods they are selling. connell: when i heard it be great if the government didn't set a minimum wage. the conservative argument against raising the minimum wage is if you raise the wage too much, these businesses, it will hurt job growth, they will not want to keep paying it and they will lay people off so it will be detrimental to your cost. that is the argument. >> i think it is a good argument and i support keep government out of these decisions whenever you can. let the private sector work its will. the qu
difficult to forecast when it will be, in part because the economy is starting to behave more strongly and as a result that extends the time in which the treasury department can do things. they call them extraordinary measures, to prevent hungers from having to raise the debt ceiling. at some point in time congress will have to do that. the earliest is february, but much more likely that it is sometime close to the spring or even the beginning of the summer . then you will get the same debate over what to cut, whether we should look at tax hikes or entitlements. it is hard to see how they are going to get any kind of agreement on those areas, or to give only in an election year. host: turning away from the budget, the house is expected to adjourn on friday, and the senate shortly thereafter. a lot of high-profile legislation hanging in the balance. tell us about what is likely to make it to before the end of the 113th congress? that ishe only thing completely likely to get through it is a new defense authorization act. there will be a lot of interesting debates to watch on that to see
of the benefit to our economy of having half a million, one million more college educated workers? >> i don't have those numbers at my fingertips. economists have done network and we would be happy to submit for the record. that -- note they only have they cited the benefits for those completing an education, but even going to some college has economic benefit for the community and individual. is a higherhere dropout rate than we would like from pell recipients, getting them into college has benefits to you and me and our constituents? >> yes. there's a question to be asked here. to be eligible for a pell grant, you have to be enrolled in a program that is leading to some sort of certificate or degree. but there are some instances where if there are dollars lacking in workforce development or training, some students have no intention of completing a certificate or degree. todaye of the discussion has dealt with waste and fraud and the effect of college aid on reducing individual initiative thosee preparation of that receive pell grants, particularly those on the short end of the privilege c
for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> the william and flora hewlett foundation, working to solve social and environmental problems at home and around the world. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: the president sought to shift the focus today, away from what's gone wrong with implementing the health care law to what's gone right. he said the benefits are being overlooked amid problems with the web site and policy cancellations. but insurers still warn they're getting unusable data. we'll have a full report on the president's new p.r. push right after the news summary. >> the university of notre dame over the healthcare law's mandate to cover birth control for students and employees. school officials went to court today arguing they are being forced to violate roman catholic teachings, a federal judge
. every american worker wants a raise. but we're at a point in our economy with income inequality in america. there's a lot of folks out there that flat out need a raise to lift them out of the poverty zone. you know, people in this country right now are not in the library. they're out in the street. and the national fast food strike that unfolded this week in 130 cities across the country, i think, is a message to our congress, you better wake up. the people are way ahead of you on this. fast food workers, what they did, is that they staged -- they staged a massive protest on thursday, calling for a liveable wage. thousands of protests, and roughly 130 cities around the country went on strike to protest the minimum wage, which stands at $7.25 an hour in this country. you know, folks, this is the largest wave of protests in the history of the fast food industry. workers, basically, are fed up. their demands are very simple. he they want to live a decent life while working hard a full-time job. but many are part time that don't qualify for benefits. many of them are just asking for
pocketbook issues, this is right on point. that's why given where we are at with a still struggling economy for many people, health care does fit into these pocketbook issues. when republicans talk about you've got your free choice of doctors, for most people there isn't an actual free choice, because the cost of going to any doctor, any hospital you want is prohibitive. those are those out of network costs that make it very, very difficult for anyone to support this free choice that supposedly is part of this system. so people understand that very well. what they don't understand is what the president is proposing and how these costs will come down if they take part in these exchanges or the coverage they get will be better through their employer. >> has the democratic side been outmaneuvered on this, outmarketed on this so far, rick? >> well, they labor under the disadvantage of having to actually get something done. they can't do their marketing strictly with words, they have got to do it with deeds too, as this rollout continues. and that's why it's been such a rocky road for them. that
the protests could damage the nation's economy, particularly its $6 billion a year tourism industry. >>> it was a day of mourning in scotland today, a day after a police helicopter crashed into a pub, killing at least eight people. our british partner itv reports from glasgow. >> across scotland, people paid their respects today. a minute silence was held before the scottish cup match with celtic. ♪ and a special service was held at glasgow cathedral, just a few hundred yards from the street of the cash. the police chaplain has been supporting bereaved officers and those who have worked long, difficult hours here. >> we have seen the courage of glasgow. we've seen the sadness. and then we'll see that drive and that passion and that life and that humor come back to the force. >> with all real hope of rescue now gone, a recovery operation is underway at the bar in glasgow. piece by careful piece, the wreckage of the police helicopter is being removed, but it's a delicate process. much of the building has collapsed and bodies still lie inside. bandaged and bruised, gary was inside th
a very rare phenomenon. >> is it stuffer at a time when the economy is not robust when the state's in which these cities and counties are located are also feeling a lot of strain, is it tough for put these restructuring deals together? >> the state plays a significant role in the fiscal health of the city. they offer state aid to local governments. that makes up a third of the city revenues. when cities cut back due to their own fiscal pressures local governments experience a lot of fiscal squeeze as well. >> are there fewer good choices when you're finally pushed to make a bankruptcy declaration. >> bankruptcy is a measure of last resort. joining anybody enjoys having to papaying pensioners, or putting cops on the street or fixing potholes and doing things that create vibrant cities. when they declare bankruptcy it is an indication they have got themselves backed in a corner that they cannot get out of. >> pennsylvania is a sizable place with an enormous budget. what got the city there and how did it get out? >> there were two problems. on a regular basis the revenues that the c
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